Under Covid conditions, there is probably about the same "ridership" potential for the route with bicyclists as with rail transit. Once things more or less normalize (even with vaccines, we'll probably be wearing masks and distancing for a long time, because it's still uncertain how well the vaccine will prevent the initial infection and asymptomatic spread), transit could do better, but it would never seriously compete with the congested freeway. Transit never does - it provides additional capacity, but doesn't reduce the demand on the highway noticeably.